(EDIT: It's about the feeling of guild, people. It's embedded inside the Protestant Culture, alongside with working hard. As mentioned in Wikipedia link)
'Protestant work ethic' is something I've only heard talked about in America, usually couched in the form of an indirect put-down of non-protestants. Northern Europeans are more likely to view predominantly Catholic countries like France, Spain, Italy as stereotypically lazy, but this is usually ascribed to the Mediterranean climate.
The thing is that it's not necessarily so much about working hours here. It's the general feeling that every moment should be intentful, purposeful and, like our churches, generally without frills.
In a way it feels less like 'work hard' and more like 'don't endulge yourself' to me.